Shenzhen 5 billion chip fund landed! Domestic substitution accelerates, these A-share companies may become winners

n July 2025, the Shenzhen Development and Reform Commission officially released the "Several Measures to Promote the High Quality Development of the Semiconductor and Integrated Circuit Industry" (hereinafter referred to as the "Measures"), accompanied by a 5 billion yuan "Saimi Industry Private Equity Fund", targeting the bottleneck problem of domestic chips. As a key hub of China's semiconductor industry, Shenzhen's policy efforts are unprecedented, covering the entire industry chain including design, manufacturing, packaging and testing, and materials, with the goal of surpassing 250 billion yuan in industrial scale by 2025.

1、 Policy wind blows vigorously, Shenzhen semiconductor industry welcomes another explosive period

Why is Shenzhen so 'domineering'?

The answer is hidden in the data: In the first half of 2025, the scale of Shenzhen's integrated circuit industry reached 142.4 billion yuan, a year-on-year increase of 16.9%, accounting for one-fifth of the country's total. But the shortcomings are also obvious - high-end chips rely on imports, the manufacturing process is weak, and EDA tools are controlled by others. This policy is driven by the dual wheels of "real money and silver+national system", aiming at the independent and controllable industrial chain, and a "Shenzhen battle" of domestic substitution has already begun.

2、 Full analysis of policy dividends: which links benefit the most?

Among the 10 measures in the "Measures", the following four directions may become hot topics for capital to "dig gold":

1. EDA tools: breakthroughs in the "bottleneck" of domestic substitution

EDA (Electronic Design Automation) is a core tool for chip design, which has long been monopolized by Synopsys and Cadence in the United States. Shenzhen provides up to 70% of the cost subsidy to enterprises that purchase domestic EDA tools and promotes their entry into university courses. Beneficiary targets: Huada Jiutian (a leading domestic EDA company), Kenlun Electronics (a local enterprise in Shenzhen).

2. Advanced packaging and Chiplet technology

Faced with the failure of Moore's Law, Chiplet technology became the key to breaking the deadlock. Shenzhen provides a maximum subsidy of 10 million yuan for the research and development of technologies such as wafer level packaging and 3D packaging. Beneficial targets: Changdian Technology (packaging leader), Tongfu Microelectronics (Chiplet technology leader).

3. Compound semiconductors: the "new engine" of new energy and 5G

Silicon carbide (SiC), gallium nitride (GaN) and other materials are the core of new energy vehicles and fast charging. Shenzhen provides a 20% subsidy to enterprises that purchase local compound semiconductor products, with an annual subsidy of 5 million yuan for each individual enterprise. Beneficiaries: Sanan Optoelectronics (SiC full industry chain), BYD Semiconductor (automotive grade chips).

4. Equipment and Materials: The Battle of "Chain Repair" in the Manufacturing Process

The domestication rate of equipment such as lithography machines and etching machines is less than 20%. Shenzhen offers a maximum reward of 20 million yuan for the first set of equipment entering the production line. Beneficiaries: Zhongwei Company (leading etching machine), Northern Huachuang (leading equipment manufacturer).

3、 Inventory of Shenzhen Semiconductor 'Legion': These A-share companies are worth paying attention to

Local semiconductor companies in Shenzhen have formed a full chain layout of "design+manufacturing+packaging and testing", and the following companies may become the biggest winners of the policy:

1. ZTE (000063): The 'Hidden Champion' of 5G Chips

Core advantage: Its subsidiary ZTE Microelectronics focuses on communication chips, with a market share of over 30% in 5G base station chips.

Policy catalysis: EDA tool subsidies+wafer support, accelerated development of 7nm process chips.

Potential point: Connected car chips enter BYD's supply chain, opening up new growth poles in the automotive market.

2. Zhongwei Company (688012): The "disruptor" of domestic etching machines

Technological breakthrough: 5nm etching machine enters TSMC production line, with a domestic substitution rate of over 40%.

Policy dividend: Shenzhen fund may increase investment to support the research and development of advanced process equipment below 14nm.

Risk Warning: US technology blockade or impact on equipment imports.

3. BYD Semiconductor (unlisted, parent company 002594): "BYD Speed" for automotive grade chips

Market position: Ranked second in the global automotive grade IGBT market share, core supplier to Tesla and NIO.

Policy increase: Expansion of silicon carbide (SiC) module production capacity, supported by Shenzhen fund or capital injection.

Future focus: Silicon carbide production capacity will climb, and revenue may exceed 10 billion by 2025.

4. Dazhong Technology (688216): A "little giant" with advanced packaging

Technical highlights: QFN packaging technology is leading domestically, with customers covering Huawei and Xiaomi.

Policy benefits: The subsidy for advanced packaging projects can reach up to 10 million yuan, and we will undertake orders from Yuexin Semiconductor.

Growth logic: Chiplet technology is popularized, and the value of the packaging process is increased.